Health Savings Account (HSA)
Less stress about healthcare costs. More time to enjoy life.
A Practical Way to Save for Healthcare
Healthcare expenses can arrive quietly and leave loudly.
A Health Savings Account gives you a practical way to prepare. It allows you to set aside money for eligible medical expenses in a dedicated healthcare account.
The result? Less financial stress when health needs arise, and more confidence knowing you’ve planned ahead. At Piedmont Advantage, we believe financial wellness includes preparing for life’s unexpected moments, because belonging means helping members plan for the future.
Why Choose a Health Savings Account
An HSA may be something you should consider if you value tax benefits, flexibility and the ability to save for future healthcare expenses.
- Tax advantages: Your contributions may be tax-deductible. Your earnings grow tax-free and withdrawals for qualified medical expenses are also tax-free.
- Lower insurance premiums: Your HSA is paired with a high-deductible health plan, which often has lower monthly premiums.
- Funds roll over: Your unused money stays in the account year to year.
- Long-term savings: Funds can accumulate and be used for healthcare costs in retirement.
- Portable and control: Your HSA belongs to you and stays with you if you change jobs.
How an HSA Works
An HSA helps you set aside money for healthcare expenses. According to IRS guidance, here’s how it works:
- Enroll in a qualified health plan. You must be covered by a high-deductible health plan (HDHP) to open and contribute to an HSA.
- Open and fund our HSA account. You, your employer or both can contribute funds up to annual limits set by the IRS.
- Use the funds when you need care. Pay directly from your HSA or reimburse yourself for qualified medical expenses.
- Keep what you don’t spend. Any unused balance stays in your account and can continue to grow for future healthcare needs.
Common HSA Uses
According to the IRS, an HSA is a tax-advantaged account used to pay or reimburse qualified medical expenses for yourself, your spouse or eligible dependents. The IRS defines these expenses broadly as costs related to diagnosis, treatment, mitigation or prevention of disease.
Here are common HSA uses based primarily on IRS guidance and qualified-expense lists.
- Paying routine medical expenses
- Prescription medications and pharmacy items
- Vision and dental care
- Medical equipment and supplies
- Preventive and specialty care
- Family and reproductive health
- Health-related travel
Built for Convenience
Your Piedmont Advantage Health Savings Account works with the same convenience you expect from your everyday banking.
- Access your HSA with a Piedmont Advantage HSA debit card. No paperwork, no waiting on funds.
- Earn interest on balances over $100.
- Use online banking and our mobile app to check your HSA balances, review transactions and manage contributions.
- Transfer funds, schedule payments or reimburse yourself electronically for medical expenses you’ve already paid.
HSA FAQ’s
Individuals enrolled in a qualified high-deductible health plan may be eligible to open an HSA.
HSA funds can be used for a wide range of qualified medical expenses as defined by IRS guidelines.
No. Unused funds remain in your account and are available for future healthcare expenses.
Yes. Your funds are accessible when you need them for eligible healthcare expenses.
For more information and disclosures about these accounts, please click the Personal Disclosures link at the bottom of this page.
Headquartered in Winston-Salem, North Carolina, and founded in 1949 within the aviation industry, Piedmont Advantage Credit Union (PACU) serves member-owners, who reside, work, worship, attend school or operate a business in one of the six counties it serves in North Carolina or who are employed by one of its many employer companies. These six counties are Davie, Forsyth, Guilford, Iredell, Mecklenburg and Rockingham.